OnlyFans Adult Platform Buys Ethereum Worth IDR 304 Billion

OnlyFans reportedly bought ETH. (Photo; Doc. Bilgicripto)

JAKARTA - Wu Blockchain, a well-known journalist in the crypto world, has tweeted that the famous content platform OnlyFans has purchased nearly $19.9 million for Ethereum. This information was revealed in the company's financial statements.

This move came shortly after the creator of the OnlyFans platform became a major spotlight in the crypto world because of its strong involvement in decentralized social apps, Base Network, and Friends.tech.

Adult content subscription service Onlyfans’ financial report shows that it invested part of its working capital into Ethereum. Onlyfans purchased $19.889 million worth of ETH. The purchased ETH has a Impairmnent loss of $8.455m as of November 30, 2022, with a Carrying amount… pic.twitter.com/dW1sYQfIkp

— Wu Blockchain (@WuBlockchain) August 27, 2023

Adult content subscription service Onlyfans' financial report shows that it invested part of its working capital into Ethereum. Onlyfans retired $19,889 million worth of ETH. The retired ETH has a Issue loss of $8,455m as of November 30, 2022, with a Carrying amount... pic.twitter.com/dW1sYQfIkp

This step marks the bold attitude of Web2 players who appear to be diversifying into cryptocurrencies. It can also indicate the possibility of further exploration of blockchain technology, both in the form of product development and application of the technology in OnlyFans services.

OnlyFans' choice to choose Ethereum (ETH) is attracting attention. We will probably estimate that the big company's first move into investing in crypto will focus on Bitcoin (BTC), given the greater popularity and market cap, as well as a more stable level of volatility.

OnlyFans decided to choose ETH because Ethereum is known as a leading smart-contract platform in the crypto world. This shows that the company is interested in the potential features that blockchain technology can offer.

This decision also raises questions about whether OnlyFans will explore the use of blockchain in its own services. The purchase of Ethereum by OnlyFans shows that the company is taking a step forward in the exploration of the crypto world and blockchain technology.